Lagos State bans the construction of buildings above 3 floors
Building collapse remains an undefeated opponent in the contest for sustainable development as every tragic story leaves a sour taste in the mouth of the talebearer and anxiety in the heart of listeners. The continued collapse of buildings is a quagmire whose effects are felt across various sectors, and losses attributable are of varying forms.
Building collapse is not a stand-alone event but an outcome of varying factors like soil incompatibility, substandard building materials, infiltration of quacks, negligence of building codes and laws, disregard for the urban development plan, and poor enforcement of industry regulations.
Following the recent building collapse on Ibadan Street, Ebute-Metta area of Lagos State, the Lagos State government has placed an embargo on building structures above 3 floors within the Ebute-Metta East and West. Some of the adverse effects of this new development include;
Loss of Confidence: With more distressed buildings being marked for demolition, there will be a loss of confidence in existing housing stock strength and condition in the area. This likely condition gives a bad name to the real estate market in Ebute Metta as more structures continue to suffer from economic obsolescence.
Demand pressure: Due to the ban on the development of buildings above 3 floors, a decline in the expected supply of housing units is imminent. A dip in housing supply will further strain existing housing units as landlords take advantage of the situation, reflecting increased rent values.
Housing Deficit: Going vertical is one way of putting land to good use and could easily be a game-changer for the Ebute Metta property market. However, in light of the recent ban, considering the teeming population, the overall housing deficit can further result in an increased crime rate and an outbreak of diseases.
On the bright side, the Lagos State government’s ban on the construction of buildings above 3 floors in Ebute-Metta could give a positive outlook on the Yaba real estate market as more developers tilt towards upholding high standards in their developments.